The Waldorf Astoria Hotel and Residences Miami has reached its 75th floor, placing the 100-story tower three-quarters of the way to its full 1,049-foot height and on track to become Florida’s first supertall skyscraper when it opens in 2028. Developer Property Markets Group, the Miami-based firm leading the project alongside Greybrook Realty Partners, Mohari Hospitality, S2 Development, and Hilton, has already announced a second supertall tower on the same stretch of Biscayne Boulevard, and the pipeline behind it includes five additional towers that would push Miami past the 984-foot threshold that defines the supertall category. The city that built its identity around Art Deco low-rises and waterfront condominiums is entering a vertical era that will permanently alter what downtown Miami looks like from the water, the causeway, and the air.
Key Takeaways
- The Waldorf Astoria Hotel and Residences Miami has reached its 75th floor as of May 2026, with completion of the 100-story, 1,049-foot tower projected for 2028.
- The tower will be Florida’s first supertall skyscraper (above 984 feet) and the tallest residential building south of Manhattan.
- The project includes 387 private residences and 205 hotel guest rooms; residences are more than 90% sold, with remaining two-bedroom units starting at $3.3 million and the penthouse listed at $50 million.
- PMG has announced a second supertall on Biscayne Boulevard: Delano Residences Miami, a 90-story, 985-foot condominium tower with 421 units and Miami’s first public observation deck, expected to open by 2030.
- The Waldorf Astoria’s construction is backed by a $668 million loan from Bank OZK and Related Fund Management, the largest residential condominium construction loan in Florida history.
- Seven supertall towers are now planned or under construction across Miami, driven by limited land availability, population growth, and international buyer demand that accounts for roughly 52% of recent new-construction condo sales.
A Tower Designed as Nine Stacked Glass Cubes
The Waldorf Astoria rises at 300 Biscayne Boulevard in downtown Miami, occupying a site overlooking Biscayne Bay, the cruise terminals at the Port of Miami, and the Atlantic Ocean beyond. The tower’s design, conceived by Sieger Suarez Architects in collaboration with architect Carlos Ott, structures the building as nine spiraling, offset glass cubes stacked vertically and wrapped in a continuous glass skin. Each cube shifts position relative to the one below it, creating a twisting silhouette that distinguishes the tower from the flat-faced rectangular slabs that dominate Miami’s existing skyline.
Interior design is led by BAMO, and the building will house 387 private residences ranging from one to four bedrooms alongside 205 hotel guest rooms and suites operating under the Waldorf Astoria brand. Residential amenities include an owners-only lobby and lounge, a hospitality suite for private dining, a billiard room, a children’s facility, and a private pool deck. Every residence is equipped with smart-home technology connected to a custom mobile application that links to concierge service, dining reservations, room service, spa bookings, valet, and package delivery.
The structural framework is reinforced concrete, and curtain wall installation has progressed through the lower cubes with glazing panels steadily enclosing successive tiers of the offset volumes. John Moriarty and Associates serves as general contractor. The tower is expected to reach its full height by late 2026, with interior completion and opening projected for early 2028.
More Than 90% Sold With One-Bedrooms Already Gone
Sales velocity has outpaced the construction timeline. PMG reported that residences are more than 90% sold, with one-bedroom units entirely spoken for. Remaining inventory begins at $3.3 million for two-bedroom units, and the penthouse is listed at $50 million. More than half of the project’s residences were sold before the ceremonial groundbreaking in 2022, a pace PMG Managing Partner Ryan Shear described as having “exceeded expectations.”
The buyer profile reflects Miami’s position as a destination for international capital. Approximately 52% of recent new-construction condo sales across the city have come from international buyers, a figure that underscores the role of foreign investment in sustaining the development pipeline. Miami’s combination of no state income tax, direct international flight connectivity, and a regulatory environment that developers describe as favorable has drawn buyers from Latin America, Europe, and the Middle East into the luxury residential market.
The project’s financing matches its scale. A $668 million construction loan from Bank OZK and Related Fund Management backs the build, the largest residential condominium construction loan in Florida history. That figure reflects both the cost of building at supertall scale and the lender confidence required to underwrite a project of this magnitude in a market where large construction loans remain difficult to secure.
PMG’s Second Supertall Is Already in the Pipeline
PMG announced in February 2026 that it would build a second supertall tower on Biscayne Boulevard, less than a three-minute walk from the Waldorf Astoria site. Delano Residences Miami, developed in partnership with hospitality company Ennismore, will rise 90 stories and 985 feet, placing it just above the 984-foot supertall threshold. The tower will contain 421 condominium units and feature Miami’s first public observation deck at 850 feet, an amenity that would open a rooftop-level vantage point to visitors rather than restricting upper-floor access to residents and hotel guests.
Shear acknowledged the learning curve that the Waldorf Astoria project required. He described the experience of building a supertall as “an entirely new education” compared to the conventional high-rises PMG had delivered previously. The engineering demands at supertall heights, including wind load management, foundation specifications, and vertical logistics for moving workers and materials above 500 feet, require technical expertise that extends well beyond standard residential tower construction.
PMG’s Miami portfolio extends beyond the two supertalls. The firm is also developing the Frida Kahlo Wynwood Residences, a project inspired by the Mexican artist’s work, and the Twenty Sixth and Twenty Eighth towers, adding density to a development pipeline that positions the company as the dominant vertical builder in downtown Miami.
Seven Supertalls and What They Mean for the City
Miami is now tracking seven supertall towers in various stages of planning or construction, a concentration that no other U.S. city outside New York has attempted. The Waldorf Astoria leads the timeline as the first to reach supertall height. Delano Residences follows as the second. Behind them, projects including Major and One Brickell City Centre are in earlier planning stages, adding to a pipeline that would fundamentally transform the downtown profile within the next decade.
The vertical push reflects a set of conditions specific to Miami’s market. Developable land in downtown and Brickell is constrained by the bay, the Miami River, and existing infrastructure, leaving upward expansion as the primary growth vector. Population growth driven by domestic migration from higher-tax states, corporate relocations (Palantir announced its headquarters relocation to Miami in early 2026), and sustained international demand have maintained pricing pressure that justifies the cost of building at supertall scale.
At the same time, the construction costs and financing complexity of supertall towers create barriers that concentrate activity among a small number of well-capitalized developers. The $668 million construction loan backing the Waldorf Astoria illustrates the capital intensity required, and the difficulty of securing comparable financing in the current lending environment limits the field of firms capable of executing at this scale.
The Risk That Follows the Boom
Miami’s construction cycle has historically alternated between aggressive expansion and sharp correction. The condo boom of the mid-2000s ended with a wave of foreclosures and unsold inventory that took years to absorb. Developers and market analysts have noted that the current cycle differs in several respects: higher presale thresholds before construction begins, a more diversified buyer base with significant cash purchases, and stronger population growth underpinning long-term demand.
Shear has framed Miami’s trajectory as being “at the tip of the iceberg,” arguing that the combination of capital, ambition, and regulatory flexibility will sustain development activity well beyond the current wave of supertalls. Whether that assessment proves durable depends on variables the development community cannot fully control: interest rate trajectories, the durability of migration patterns, insurance costs in a hurricane-exposed market, and whether international capital flows continue at their current pace.
For now, the Waldorf Astoria continues to climb. Twenty-five more floors remain between the 75th-floor milestone and the top of the ninth and final stacked cube. When the tower reaches its full height in late 2026, it will be visible from virtually every approach to downtown Miami, a permanent addition to a skyline that, for the first time in the city’s history, will include buildings that compete for attention with New York, Chicago, and the supertall capitals of Asia and the Middle East.
FAQs
What is a supertall skyscraper?
A supertall skyscraper is any building that exceeds 984 feet (300 meters) in height. The classification is maintained by the Council on Tall Buildings and Urban Habitat. The Waldorf Astoria Hotel and Residences Miami, at 1,049 feet, will be Florida’s first building to meet this threshold and the tallest residential tower south of Manhattan.
When will the Waldorf Astoria Miami open?
The tower is expected to reach its full 100-story height by late 2026, with interior completion and opening projected for 2028. The project includes 387 private residences and 205 hotel rooms. Residences are more than 90% sold, with remaining two-bedroom units starting at $3.3 million.
How many supertall towers are planned for Miami?
Seven supertall towers are in various stages of planning or construction across downtown Miami. The Waldorf Astoria (1,049 feet, 100 stories) leads the timeline, followed by Delano Residences Miami (985 feet, 90 stories), with additional projects including Major and One Brickell City Centre in earlier development phases.
